Tuesday's Radio & Media News - April 30, 2013

SiriusXM Q1 Revenue Up 12%, Net Income Up 15% Sirius XM Radio today announced first quarter 2013 financial and operating results, including revenue of $897 million, up 12% from the first quarter 2012 revenue of $805 million. Net income for the first quarter 2013 and 2012 was $124 million and $108 million, respectively. Adjusted EBITDA for the first quarter of 2013 reached a record $262 million, up 26% from $208 million in the first quarter of 2012. "SiriusXM's first quarter results show a continuation of our trend of strong, profitable growth. We turned in our best first quarter for subscriber additions since the merger, and with our continuing sharp focus on costs, we set an all-time high for adjusted EBITDA. With our strong free cash flow and low leverage, we repurchased 209 million shares so far and have now returned nearly $1 billion in total to our stockholders since the end of December via stock buybacks and a special dividend," says CEO Jim Meyer. "We continue to focus on profitable subscriber growth first and foremost. We expect to achieve record adjusted EBITDA margins this year, which is all the more impressive considering our investments in new content, services, and expanding our distribution in the previously-owned vehicle market. We are off to a great start for the year and are confident in achieving our guidance," says Meyer. Additional highlights of the first quarter include: * Subscriber base reaches new record. The total paid subscriber base reached a record 24.4 million, up 9% from the prior year. Self-pay net subscriber additions were 304,000, a slight increase from the first quarter of 2012, while the overall self-pay subscriber base reached a record high of 19.9 million, up 9% from a year prior. Total paid and unpaid trials grew by 443,000 year over year to 6.2 million. * Subscriber acquisition costs per gross addition (SAC) decline. While gross additions climbed 16%, total subscriber acquisition costs excluding purchase price accounting adjustments fell slightly year-over-year to $138 million in the first quarter of 2013, driving an improvement in SAC per gross addition of 15% to $51 from $60 in the first quarter of 2012. * Free cash flow reaches a new first quarter record. Free cash flow jumped to $142 million, up from $15 million in the first quarter of 2012. "SiriusXM's $142 million of free cash flow was the best first quarter in the history of the Company, resulting in an increase in our free cash flow guidance to approximately $915 million, a 29% increase over 2012. During the first quarter, we repurchased 157 million shares of our common stock for $494 million under our $2 billion stock repurchase program. The Company's leverage improved to 2.5x our adjusted EBITDA, well below our target leverage of 3.5x," notes SiriusXM EVP and CFO David Frear. "Our low leverage together with availability under our $1.25 billion revolving credit facility provide substantial flexibility to pursue our $2 billion stock buyback program and continue to invest in our business and evaluate strategic opportunities." The company raised its free cash flow guidance and reiterated its 2013 guidance for subscriber growth, revenue, and adjusted EBITDA: Self-pay net subscriber additions of approximately 1.6 million, Total net subscriber additions of approximately 1.4 million, Revenue of over $3.7 billion, Adjusted EBITDA of over $1.1 billion, and Free cash flow of approximately $915 million. Jim Meyer Officially Appointed SiriusXM CEO SiriusXM Radio today announced that James Meyer has been appointed Chief Executive Officer, effective immediately. Meyer has served as the interim CEO since December. "After a thorough search of excellent candidates, we are delighted to name Jim as the CEO of SiriusXM, where he will continue to lead a very strong executive team. Jim is a highly qualified leader and operator, and we look forward to working with him to build on SiriusXM's position as the innovator in audio entertainment," said SiriusXM Chairman Gregory Maffei. "He has been a vital part of SiriusXM for close to a decade, and his extensive knowledge of SiriusXM's business and significant industry experience will be invaluable assets in the highly competitive market within which SiriusXM is thriving. Jim's leadership, strategic vision and operating focus are exactly what SiriusXM needs today and in the future." "I look forward to leading SiriusXM," says Meyer. "SiriusXM is a great service with world-class programming that comes from teams of focused and motivated employees. I am honored to be working with our talented management team as we continue to deliver the best content and services to our subscribers nationwide and enhance value for our stockholders." Meyer served as SiriusXM's President of Sales and Operations from May 2004 until his appointment as interim CEO in December. Prior to joining SiriusXM, Meyer was President of Aegis Ventures, a general management consulting company, and provided consultant support for SiriusXM. Before Aegis, he held a number of senior management positions in consumer electronics, including the Senior Executive Vice President of Digital Media Solutions for Thomson, a worldwide leader in consumer electronics. Clear Channel Digital Names Brian Kaminsky EVP Of Operations Clear Channel Media and Entertainment announces that Brian Kaminsky joins the company's digital division as EVP of Operations, effective immediately. Kaminsky, who joins Clear Channel from The Huffington Post, will report to Brian Lakamp, President of Digital, and will be based out of New York City. In this new position, Kaminsky will oversee digital advertising operations, customer support, product analytics and partner operations across the suite of Clear Channel's digital products including iHeartRadio, and its vast network of station websites. His responsibilities will also include setting best practices for the management and modernization of digital ad inventory, and working with sales and product teams to define and develop new ad products. "Having Brian on board as the EVP of Operations illustrates Clear Channel's commitment to hiring exceptional, innovative talent that will continue to strengthen our position as a market leader," says Lakamp. "His business management skills and experience in optimizing the use of digital advertising inventory within technology-driven organizations will be a great asset to both our advertisers and the Clear Channel digital team." Kaminsky, who has spent 17 years working with both big brands and high-growth startups, served as COO/GM of The Huffington Post, where he led business operations, advertising products and business development. After AOL acquired The Huffington Post in 2011, Kaminsky spearheaded the integration of the two operations and subsequently helped oversee the tripling of The Huffington Post's revenue and users. Prior to The Huffington Post, Kaminsky was VP of Global Revenue Operations at Reuters Media. He has also served as Director of Operations and Business Manager for the Eastern Region at Yahoo!. Clear Channel Norfolk Names Matt Derrick Operations Manager Clear Channel Media and Entertainment Norfolk appoints Matt Derrick Operations Manager, effective immediately. Derrick, who will oversee all operations for the four-station cluster, joined Clear Channel in October 2011 as Program Director for WQHQ-FM, WSBY-FM and WKZP-FM in Salisbury-Ocean City, Maryland. In May 2012, he was named Regional Programming Manager for the Wilmington, Delaware, and Salisbury markets, and Operations Manager for Salisbury. "Norfolk has a unique group of radio stations and I'm excited to have Matt lead our team to success," says CCME Richmond/Norfolk Regional Programming Manager Dave Symonds. "His 17-plus years programming diverse formats in cities like San Francisco, Dallas, Tulsa, Gainesville, and Wilmington/Salisbury as well as his terrific performance with Clear Channel make him the perfect fit." Says Derrick, "Huge thanks and appreciation to the Wilmington and Salisbury team. I've learned so much in the last two years, but I am thrilled to join the world-class management team in Norfolk. I'm looking forward to working with the Norfolk team to showcase our superior brands and help drive ratings and revenue growth." Joanna Douglas to Join Coleman Insights as VP Joanna Douglas will join media research firm Coleman Insights as a Vice President, June 3. Douglas brings with her a broad array of research and media experience, including 13 years at Arbitron, during which she was a key player in their rollout of PPM radio ratings measurement. "I know that Joanna will extend the great tradition of former Arbitron employees succeeding at Coleman Insights that began with people like Pierre Bouvard, Frank Stanitski and Michael Pelaia more than 20 years ago," says Coleman Insights President and COO Warren Kurtzman, who also previously worked at Arbitron. "Most importantly, our clients will benefit from her extensive experience in and passion for the radio industry." Says Douglas, "I’m so excited to be working with such an esteemed company. I look forward to making a significant contribution and putting my background and skills to work for Coleman Insights’ clients." Douglas began her tenure at Arbitron as a Senior Account Manager and Training Specialist before becoming PPM Implementation Manager and then Director of Sales, Regional Manager. Prior to that, she worked as a Radio Sales Manager for both McClure Broadcasting and Clancy-Mance Communications, as well as a Media Buyer for Ackerman McQueen. CBS Radio, Astralwerks Launch Search for Best Female DJ -- 'She Can DJ' Competition to Debut In U.S. This July CBS Radio announces a partnership with Astralwerks to introduce “She Can DJ - America” -- a nationwide talent search "to find the country’s top female DJ/Producer. After successful programs in Australia and throughout Europe, 'She Can DJ' will launch in major markets nationwide this July." Following local competitions run by CBS Radio stations in New York, Los Angeles, Chicago, San Francisco, Houston, Boston, Detroit, Phoenix, San Diego, Charlotte and Las Vegas, 12 semi-finalists will be chosen, including one wild-card competitor to vie for a grand prize that includes a recording contract with Astralwerks, and headline a tour through the CBS Radio markets that took part in the competition. “Aspiring female DJ’s/Producers need look no further than She Can DJ for that once in a lifetime chance to captivate an entire industry with their talent,” says CBS Radio SVP of Programming Greg Strassell. “As the competition plays out across our considerable platform of contemporary hit radio stations, participants will be front and center with millions of music fans, and the top decision makers in the business. The electronic dance music movement has been playing out to much success on radio stations all over the United States, and CBS Radio looks forward to advancing the genre.” The announcement tells us that "She Can DJ" is "backed up by Astralwerks; a label trusted for bringing the world's top dance music talent to America for over 20 years. Competitors and fans alike can expect the most authentic talent search for the country’s top female dance music DJ knowing that the team behind such legendary acts as Fatboy Slim, David Guetta, Hot Chip, Swedish House Mafia and The Chemical Brothers will play an integral role in the selection process." Says Astralwerks General Manager Glenn Medlinger, "Seeing how successful She Can DJ was in discovering top female DJ/producer's in overseas markets it’s the perfect time to launch stateside. The United States is the hottest place on earth for dance music right now but the industry is largely male dominated. We’re thrilled to be a part of a program that will help discover and develop top female talent in the dance music space." Further details about the competition including rules and regulations will be revealed soon, says CBS Radio's news release -- adding, "Visit www.shecandjus.com for the latest updates." 'Walton and Johnson' Return to Houston's KPRC-AM "The Walton and Johnson Show" returns to Talk KPRC-AM, Houston. The syndicated show will now air weekdays 5:30-10am, says Clear Channel Houston Market President Eddie Martiny. John Walton and Steve Johnson were previously on KPRC-AM from July 2007 to February 2009, before moving to Classic Rock clustermate "93.7 The Arrow" KKRW-FM, which also became their flagship station. "We are thrilled to have Walton and Johnson back on KPRC. They have a proven track record of ratings growth and we look forward to them continuing that success on KPRC," says CCME Houston Director of AM Programming Bryan Erickson. Together since 1983, Walton and Johnson tell us, "No show has a more unique mix of 'stream of consciousness,' opinionated and compelling talk, guests, musical elements, fictional characters, famous impersonations, great skit writing and production coupled with powerful audience interaction. This is a show that knows how to get an audience and to sell product." The duo adds that they "say out loud what everyone wishes they could." San Diego's KFMB-AM Adds 'Armstrong and Getty' Morning Show Talk KFMB-AM, San Diego, is adding the regionally-syndicated "Armstrong and Getty Show" for mornings, starting June 3. The show orginates at Clear Channel Talk KSTE-AM, Sacramento, and also airs on CC's Talk KKSF-AM, San Francisco, and KWSX-AM, Stockton, California. KFMB-AM's current morning host Mike Slater will move to 9am-12noon, with Premiere's Glenn Beck shifting to 6-9pm, displacing Cumulus' Mark Levin. "Like any great radio morning show, Armstrong and Getty have that unique ability to not only connect with the listener but to become their companions," says KFMB-AM Program Director Dave Sniff. "They fit-in amazingly well among the great story-tellers that are part of 760 KFMB's character and lineage. They're not so much a 'talk show' as a 'mock show'." Philly's KYW-AM Promotes Adam Baldwin to LSM CBS Radio All News KYW-AM, Philadelphia, promotes AE Adam Baldwin to Local Sales Manager. "Adam has excelled as an Account Executive at KYW, and in his pointing key clients across the CBS platform," says VP/Director of Sales Jim Loftus. "He brings a fresh perspective to our management team. We look forward to his insight and talent in growing our family of advertisers, and further developing our sales team." Baldwin tells us, "I'm thrilled to continue to work with local companies in the Delaware Valley to help grow their businesses. The outlook for Philadelphia is bright -- as is the future of integrated media platforms like those at CBS Philadelphia." More Media Management Moves ... Clear Channel Huntsville promotes cluster GSM Carmelita Palmer to Market Manager replacing Rick Brown, who retired after 14 years. The cluster includes Country WDRM-FM, AC WQRV-FM, Classic Rock WTAK-FM, and News Talk WBHP-AM ... Eyal Goldweger steps down as CEO of Internet radio advertising network TargetSpot, with Chief Revenue Officer Mitch Kline and Chief Technology Officer Leigh Newsome promoted to co-CEOs ... Former Clear Channel EVP of Operations Mark Kopelman is appointed EVP of Partnerships for Paul B. Anderson Media Agent, Inc. Kopelman spent the past 19 years at Clear Channel, moving up from Market Manager to EVP to SVP before advancing to EVP of Operations. Behind the Microphone: The Ins and Outs of Radio Aaron Klauber is appointed Director of Marketing and Promotions for Clear Channel Media and Entertainment Detroit, joining from CCME Dayton where he spent the last 13 years in various roles including marketing, promotions and on-air ... Hot AC "Q 99.7" KMBQ-FM, Anchorage, Program Director Chuck Geiger adds PD at Adult Variety Hits sister "92.1 Bob FM" KBBO-FM, replacing former PD Derek Moran ... CHR-Top40 "101.9 Radio Now" KWNW-FM, Memphis, night host Kwame Dankwa exits to return to New England to be closer to a sick relative. He joined the station in last September. Dankwa says he's secured a programming job back east to be announced within the next week ... Triple-A "Radio Woodstock 100.1" WDST-FM, Woodstock, adds Katie DiMartile as Music Director/Promotions Director. DiMartile, who comes to WDST-FM from Assistant PD at Triple-A "92.5 The River" WXRV-FM, Boston, replaces the exiting Drew Frankel, and will start in Woodstock May 28 .... Classic Hits "Y100.9" WYNZ-FM, Portland, Maine, flips to Adult Hits "Rewind 100.9," playing a wide variety of hit music from the 1960s, 1970s, and 1980s ... Steve Harvey will receive a star on the Hollywood Walk of Fame, Monday, May 13. "Steve is a man of many talents," says Hollywood Chamber President/CEO Leron Gubler. "We are thrilled that he is joining our Walk of Fame family" ... Vijay Das joins Rhythmic CHR "Wild 101" KWYD-FM, Boise, for nights. Das most recently was at Clear Channel Williamsport, Pennsylvania ... "South Sound Country 96.9" KAYO-FM, Tacoma, debuts Alan Kabel as the new night host, replacing Brittni who exited earlier this year ... Tony Finnel is named afternoon host at Urban AC WROU-FM, Dayton -- "Ohio's R&B Leader!" Previously, Finnel worked for Radio One Cincinnati ... "Talk 1300" WGDJ-AM, Albany, NY, promotes Executive Producer Angela Rosetti to Operations Manager. Rosetti is a six-year veteran of the station. The Sleeping Giant Wakes Up! Total Popular Music Is Going Viral!!! The NEW Mass Appeal Hit Music Radio Format! All the Hits for All the Listeners! Radio stations, Contact Mark Harris at MHBC to have TPM working for you! Radio listeners, call your local stations and tell them, "I Want My TPM!"